Coverys Completes Acquisition of OHA Holdings, Inc.
Boston, MA - January 13, 2014 - On January 1, 2014, FinCor Holdings, Inc., a member of Coverys which is based in Boston, completed the acquisition of OHA Holdings, Inc. and its wholly-owned subsidiary OHA Insurance Solutions (“OHAIS”), located in Columbus, Ohio. The transaction has been approved by all parties and all customary regulatory approvals have been finalized.
Coverys, one of the top 10 medical professional liability insurance providers in the country based on direct written premium, views the acquisition of OHAIS as a corroboration of both organizations’ long-term commitment to the healthcare community. OHAIS was created by the Ohio Hospital Association (“OHA”) and has provided strength and stability to the Ohio medical professional liability marketplace since its inception in 2003.
“OHAIS offers demonstrated leadership in the healthcare community through their innovative programs and responsive policyholder service. Coverys is committed to expanding OHAIS’ ability to offer superior products and services to its core group of hospital and physician policyholders,” said Gregg L. Hanson, CEO and president of Coverys.
“Coverys shares OHAIS’ commitment to our members. We are confident that through this acquisition, OHAIS will be able to maintain quality service to Ohio hospitals and physicians and will continue to provide a stable market for medical professional liability insurance,” said Mike Abrams, president and CEO of OHA.
Coverys has been advised in this transaction by Keefe, Bruyette & Woods, Inc. and the law firm of Skadden, Arps, Slate, Meagher & Flom LLP. OHA Holdings, Inc. has been advised by Sandler O’Neill + Partners, L.P. and the law firm of Bricker & Eckler LLP.
For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 24 states from coast to coast. Coverys has net admitted assets of $3.3 billion, direct written premium of $368 million and policyholder surplus of $1.3 billion, as of December 31, 2012. In addition, Coverys member insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”), as well as ProMutual-sponsored Coverys RRG, Inc. (“Coverys RRG”) have a Best’s Rating of A (Excellent). MHA Insurance Company (“MHAIC”) and Washington Casualty Company (“WCC”) have a Best’s Rating of A- (Excellent).
Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country. For more information visit the Coverys website at www.coverys.com. Timely industry and company news can also be found on the Coverys blog at coverys.wordpress.com, on Twitter (@Coverys) and on the company’s Facebook page.
OHA Holdings, Inc. is a holding company that operates through its insurance company subsidiary, OHA Insurance Solutions, which was established in 2003 to help bring long-term availability, predictability and stability to the Ohio medical professional liability marketplace for hospitals and physicians. OHAIS strives to ensure all Ohioans have access to health care by enabling Ohio’s physicians and hospitals access to medical malpractice insurance. Learn more about OHAIS at www.ohainsurance.com.
About OHA Holdings, Inc. and OHAIS